Partners in Business
How does a partnership stay structured? Do you ever just sit there planning the name of your business you and your best friend are going to own once you both grow up? It should be a cupcake store…or a candy store…even better both! You both are going to be the best partners ever! If you are thinking that think again or at least think a little farther. Yes there is a possibility of that happening, but then there is a possibility that it won’t. All I’m saying is there is a lot of responsibility and risks you will be taking in a partnership.
In this report I will be writing about partnerships. The pros and cons, types of partnerships, and examples of partnerships. There are advantages and disadvantages in a business partnership. …show more content…
Sometimes it 's good to have multiple owners in a business. Sarah, Meg, and Isabelle own a flower shop. Valentine 's Day is coming up and people need to start buying some fresh pretty roses. Sarah is in charge of the book keeping, Meg gets the flowers from her grandmother who grows all the flowers you could think of, and Isabelle runs the shop. Isabelle was in an accident recently and needs to take a couple weeks off from her back injury. While Isabelle is out everything is still going fine at the shop, because Meg runs over early in the morning to her grandmothers to get the flowers and then she goes back to open the shop, because she is covering for …show more content…
Jake also plays football on his free time which isn 't very often. He got an arm injury playing and isn 't able to work. Unlike the flower business, there is only one owner at "Jake the Baker" and that is Jake. Since he doesn 't have any partners Jake has no choice but to close the business down until he returns. In this event it could cause Jake a lot of stress on his injury and his business.
That is how partnership could be both good and bad. I may have or may have not changed your mind on partnerships, but now you have a better understanding of the responsibilities in a partnership.
There are different types of partners in a partnership. Common partnerships are general partnerships, limited partnerships, and limited liability partnerships. (Kluwer) A general partnership is when two or more people are in a business for profit. Limited partnership also known as a "silent partner" is two or more people in a business, but one is only financially involved. Finally in a limited liability partnership out of the partners, one of the partners is not responsible for any actions taken by other partners. (staff)
If Jim from the first story would have been part of a limited liability partnership he wouldn 't had been in trouble or taking responsibilities for his own
How does a partnership stay structured? Do you ever just sit there planning the name of your business you and your best friend are going to own once you both grow up? It should be a cupcake store…or a candy store…even better both! You both are going to be the best partners ever! If you are thinking that think again or at least think a little farther. Yes there is a possibility of that happening, but then there is a possibility that it won’t. All I’m saying is there is a lot of responsibility and risks you will be taking in a partnership.
In this report I will be writing about partnerships. The pros and cons, types of partnerships, and examples of partnerships. There are advantages and disadvantages in a business partnership. …show more content…
Sometimes it 's good to have multiple owners in a business. Sarah, Meg, and Isabelle own a flower shop. Valentine 's Day is coming up and people need to start buying some fresh pretty roses. Sarah is in charge of the book keeping, Meg gets the flowers from her grandmother who grows all the flowers you could think of, and Isabelle runs the shop. Isabelle was in an accident recently and needs to take a couple weeks off from her back injury. While Isabelle is out everything is still going fine at the shop, because Meg runs over early in the morning to her grandmothers to get the flowers and then she goes back to open the shop, because she is covering for …show more content…
Jake also plays football on his free time which isn 't very often. He got an arm injury playing and isn 't able to work. Unlike the flower business, there is only one owner at "Jake the Baker" and that is Jake. Since he doesn 't have any partners Jake has no choice but to close the business down until he returns. In this event it could cause Jake a lot of stress on his injury and his business.
That is how partnership could be both good and bad. I may have or may have not changed your mind on partnerships, but now you have a better understanding of the responsibilities in a partnership.
There are different types of partners in a partnership. Common partnerships are general partnerships, limited partnerships, and limited liability partnerships. (Kluwer) A general partnership is when two or more people are in a business for profit. Limited partnership also known as a "silent partner" is two or more people in a business, but one is only financially involved. Finally in a limited liability partnership out of the partners, one of the partners is not responsible for any actions taken by other partners. (staff)
If Jim from the first story would have been part of a limited liability partnership he wouldn 't had been in trouble or taking responsibilities for his own